Ethereum Classic Price Analysis: ETC/USD Remains In Downtrend

Key Highlights

  • Ethereum traditional worth prolonged losses and traded in direction of the $eight.75 stage towards the US greenback.
  • This week’s adopted necessary bearish pattern line is undamaged with resistance at $9.25 on the hourly chart of the ETC/USD pair (Information feed by way of Kraken).
  • The pair could get well a number of factors, however it’s more likely to face sellers close to $9.20 and $9.25.

Ethereum traditional worth declined additional towards the US Greenback and Bitcoin. ETC/USD stays in a downtrend so long as the value is beneath $9.30.

Ethereum Classic Price Evaluation

There have been extra losses famous beneath the $9.00 assist in ETC worth towards the US greenback. The ETC/USD pair declined in direction of the $eight.75 stage and settled beneath the 100 hourly easy transferring common. The value traded as little as $eight.74 and later began an upside correction. It moved above the 23.6% Fib retracement stage of the final slide from the $9.60 excessive to $eight.74 low.

Nonetheless, the value struggled to maneuver above the $9.00 resistance. The 100 hourly easy transferring common is positioned close to $9.15 to behave as a resistance. In addition to, the 50% Fib retracement stage of the final slide from the $9.60 excessive to $eight.74 low can be close to $9.15. Extra importantly, this week’s adopted necessary bearish pattern line is undamaged with resistance at $9.25 on the hourly chart of the ETC/USD pair. Due to this fact, if the pair continues to maneuver larger, it’s more likely to face sellers close to $9.20 and $9.25. Solely an in depth above the pattern line and the $9.30 stage may push the value again in direction of the $10.00 resistance.

The chart means that ETC worth is following a downtrend from the $10.00 swing excessive. If it fails to get well above the $9.30 stage, there might be renewed promoting stress. The primary helps on the draw back are $eight.75 and $eight.60.

Hourly MACD – The MACD for ETC/USD is about to maneuver again within the bearish zone.

Hourly RSI – The RSI for ETC/USD simply moved beneath the 50 stage.

Main Help Degree – $eight.75

Main Resistance Degree – $9.25

About Tom Greenly

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